, that there is going to be far more taken in greater taxes for the wealthy and far less in spending cuts because that is the cret rick? >> difficult to predict. here is where we are right now. in terms of what has been enacted in 2011 and 2012, we are more than half way, hand this is conservative, i think, more than halfway to the so-called $4 trillion level. of that -- of that effort in 2011 and 2012, what has already been inenacted in terms of savings, it's a -- disproportionately weighed on spending cuts, about 72-28. we need more spending cuts, without a doubt we need that i think we have got to try to make sure we get the balance right r >> just ask you one more question, sir, do you think there is a risk that president obama wastes his political capital in the view of most americans? i mean, the rest of the world is here issing, climate change and carpet emissions in the inaugural speech but not what most americans seem most to care about. it's usually jobs and growth. >> it's difficult for me to analyze that, from a political perspective, but i will say this. i think what wil